How can Blockchain Technology help your Business?

Blockchain technology is one of the biggest trends and has been getting a lot of attention lately. This has resulted in many businesses, both startups and enterprises, going for blockchain technology and using it to the extent they can. While this is happening, there is one question that needs to be answered, ‘Do all businesses need blockchain?’

We can’t say for sure but there are some businesses that definitely need to use the blockchain technology. So, if your business is any one of the following then blockchain should be your next step.

Transaction-based

Gaining benefits from public scrutiny

Benefits from history that cannot be written again

When the decentralization is benefitting the customers or end users.

So, if you are a startup and your business has any of the above traits, you should hire blockchain developer for your business, right away. Now let us see how blockchain can help your business.

How can Blockchain help your Business?

Now that you have understood that your business might be missing the latest technology, you would want to know how can it help you. There are many uses of blockchain in any business but we will talk about the 5 most important ones in this section:

Smart contracts

The term ‘smart contracts’ was introduced in 1993 but gained popularity when the Ethereum project was launched in 2013. Smart contracts are self-automated contracts that are carried out by a computer. These contracts are unbreakable and will be of great use for businesses. The security factor is ensured with a smart contract and better execution will be done.

Cloud storage

Cloud storage is another great way businesses can benefit. With the help of blockchain applied in cloud storage, the storage increases as well as the cost of storing data decreases. Users spend millions every year on cloud storage but with blockchain, this amount will decrease.

Supply chain communications

A product is made with different components that are provided by different resources. When all the resources come together a product is formed. This also poses a risk that if one component misses then the whole product may fall down. Blockchain can help with this by tracking each and every component and letting the stakeholder know the state of the product at each step. There are many companies already doing this with blockchain.

Paying your employees

Blockchain gained popularity with cryptocurrency so using it for payment purposes is only the most suitable choice. Since cryptocurrency is considered one of the best payment methods now, companies are using it bitcoins to make payments of wages and salaries. This is not only a cost saver but also a more secure mode of payment.

Electric voting

Electric voting is efficient, saves time and cost and is easy to operate. Companies are using e-voting to make votes within the company and blockchain has made it possible. Another area where e-voting is being used is politics. Thailand used blockchain technology for voting in the Democrat party elections. This has made news ever since and other countries are going for the same.

What is the Future of Blockchain?

Blockchain has scope in the future but it is limited. At some point, the application of blockchain will be limited which is why total dependence on the technology is not a very good choice.However, the capability of blockchain is not ending any time soon. The most important part of blockchain is the blockchain app development which is entering various domains like healthcare, aerospace, politics, etc. It is safe to say that blockchain does have a bright future until it hits its limitations.